We are pleased to announce that Community Development Venture Capital Alliance (CDVCA) has received $50 million in New Market Tax Credits (NMTC) allocation to make business investments in underserved communities. The tax credit allocation is part of the highly competitive federal NMTC program, run by the U.S. Department of Treasury’s CDFI Fund.
CDVCA has a long history of providing critical growth capital to help grow businesses and economies of distressed areas, supporting nearly 300 businesses and the creation of over 12,000 jobs.
With its $50 million in new allocation, CDVCA will target operating businesses, based in low income communities on the mainland and Puerto Rico, focused on creating a large number of quality jobs and that may have a workforce development component to them that are accessible to low-income people.
Read the CDFI Fund’s full announcement here – CDFI Fund Announces More Than $3.5 Billion in New Markets Tax Credits.